Question 1

Project Entrepreneur, created by Facebook, aims to help female entrepreneurs build high-growth, high-impact businesses.

Accepted Answer

A) True 
 B)False  False

Question 2

At Rent the Runway, customers arriving at the site via ________________ media have a much higher (reported as high as 200 percent) conversion rate than customers arriving via _____________ media.

Accepted Answer

A)   search, social
B)   advertising, social
C)   referral, social
D)   earned, paid D

Question 3

Describe how technology related to return envelope scanning and order scheduling operates to keep Rent the Runway satisfying customers while minimizing costs.

Accepted Answer

"Receiving staff scan the outside of returned envelopes and a message pops up on-screen with each scan, immediately determining if an item needs to go out right away. Garments are placed into bins color coded for urgency: black can eventually be prepped for restocking, but red is for those high-priority items that need to be immediately turned-around for send-out to another customer.^[] The system will also identify mid-term priority items, as in "get to this if you have time after taking care of priority items-if we ship it today, we'll save money." It'll even prioritize return shipping based on inventory demands, printing a higher-priced but faster-shipping return label for a customer if product turn-around is especially acute."

Question 4

Rent the Runway rentals are often only 25 percent of a dress's retail price.

Accepted Answer

A) True 
 B)False

Question 5

Time Magazine has called Rent the Runway one of the country's 25 Best Websites

Accepted Answer

A) True 
 B)False

Question 6

Since product focus is so important for a startup, Rent the Runway has resisted the urge to offer anything other than high-end dress rental.

Accepted Answer

A) True 
 B)False

Question 7

Describe why CLV is especially difficult for new firms with new models to calculate.

Accepted Answer

The answer of Describe why CLV is especially difficult for...

Question 8

The concept of ____________________ refers to positive influence created when someone finds out that others are doing something.

Accepted Answer

The answer of The concept of ____________________ refers to positive...

Question 9

Which of the following is not a reason why Rent the Runway appeals to designers?

Accepted Answer

A)   The firm introduces high-end designer brands to new customers.
B)   The firm brings in younger customers, averaging about a decade younger than department store customers.
C)   Most Rent the Runway customers rent brands they've never bought before.
D)   Some designers have used Rent the Runway to test new looks.
E)   None of the above - all convey the site's appeal to designers

Question 10

Explain how Rent the Runway Unlimited subscription service works.

Accepted Answer

The answer of Explain how Rent the Runway Unlimited subscription...

Question 11

The term __________________ refers to the rate at which consumers leave a product or service.

Accepted Answer

The answer of The term __________________ refers to the rate...

Question 12

According to CEO, Jenn Hyman, Rent the Runway is a "fashion company with______________"

Accepted Answer

The answer of According to CEO, Jenn Hyman, Rent the...

Question 13

Rent the Runway shut down its Facebook presence because photos showing a dress on another (non-model) customer resulted in a dramatically lower than average rental percentage.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is NOT true about mobile app development:

Accepted Answer

A)   Many experimental features and A/B tests are more easily conducted on the Web than on mobile.
B)   Updates and bug fixes can take longer to reach mobile users than users of a firm's web product.
C)   Mobile apps are considered far easier to develop than websites, in fact, most managers can create robust apps using drag-and-drop tools.
D)   A well designed app can increase an e-commerce site's customer engagement since customers always have the 'store' in their pocket.

Question 15

Why does 'overbuilding' warehouse capacity make sense for Rent the Runway?

Accepted Answer

The answer of Why does 'overbuilding' warehouse capacity make sense...

Question 16

Determining product/market fit is often very expensive for entrepreneurs, since it amounts, essentially, to fully building out a firm's website and operational model.

Accepted Answer

A) True 
 B)False

Question 17

Rent the Runway's leadership elected to expand its _______ and ________rather than harvest early profits.

Accepted Answer

The answer of Rent the Runway's leadership elected to expand...

Question 18

Rent the Runway's only hires newly minted college graduates for it Data Analytics Team, choosing to home grow talent.

Accepted Answer

A) True 
 B)False

Question 19

Linking envelope return codes to inventory systems allows Rent the Runway to do all but which of the following:

Accepted Answer

A)   prioritize items that need to be sent out for immediate inspection, cleaning, and repair
B)   prioritize items for optimized shipping - getting an item prepped early if it allows for less expensive but slightly slower shipping.
C)   print more expensive, but faster shipping return envelopes for garments that will be urgently needed for a scheduled rental.
D)   queing garments for robotic repair by custom machines that can mend zippers, replace buttons, and dye tarnished clothing to exact specifications

Question 20

Describe why Rent the Runway's customers have an especially strong lifetime customer value?

Accepted Answer

The answer of Describe why Rent the Runway's customers have...

Exam 12: Rent the Runway: Entrepreneurs Expanding an Industry by Blending Tech With Fashion, John Gallaugher - Information Systems: a Managers Guide to Harnessing Technology, Version 6.0

Project Entrepreneur, created by Facebook, aims to help female entrepreneurs build high-growth, high-impact businesses.

At Rent the Runway, customers arriving at the site via ____ media have a much higher (reported as high as 200 percent) conversion rate than customers arriving via _ media.

Describe how technology related to return envelope scanning and order scheduling operates to keep Rent the Runway satisfying customers while minimizing costs.

Rent the Runway rentals are often only 25 percent of a dress's retail price.

Time Magazine has called Rent the Runway one of the country's 25 Best Websites

Since product focus is so important for a startup, Rent the Runway has resisted the urge to offer anything other than high-end dress rental.

Describe why CLV is especially difficult for new firms with new models to calculate.

The concept of ____________________ refers to positive influence created when someone finds out that others are doing something.

Which of the following is not a reason why Rent the Runway appeals to designers?

Explain how Rent the Runway Unlimited subscription service works.

The term __________________ refers to the rate at which consumers leave a product or service.

According to CEO, Jenn Hyman, Rent the Runway is a "fashion company with______________"

Rent the Runway shut down its Facebook presence because photos showing a dress on another (non-model) customer resulted in a dramatically lower than average rental percentage.

Which of the following is NOT true about mobile app development:

Why does 'overbuilding' warehouse capacity make sense for Rent the Runway?

Determining product/market fit is often very expensive for entrepreneurs, since it amounts, essentially, to fully building out a firm's website and operational model.

Rent the Runway's leadership elected to expand its _ and __rather than harvest early profits.

Rent the Runway's only hires newly minted college graduates for it Data Analytics Team, choosing to home grow talent.

Linking envelope return codes to inventory systems allows Rent the Runway to do all but which of the following:

Describe why Rent the Runway's customers have an especially strong lifetime customer value?